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THR

Thermon Group Holdings, Inc.

THR

Thermon Group Holdings, Inc. • NYSE
$35.10 ▲ 0.09% (+0.03)
Market Cap $1.15 B
52w High $36.14
52w Low $23.05
Dividend Yield 0%
P/E 20.06
Volume 125.03K
Outstanding Shares 32.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $131.723M ▲ $39.496M ▲ $14.954M ▲ 11.353% ▲ $0.45 ▲ $27.845M ▲
Q1-2026 $108.898M ▼ $36.319M ▲ $8.581M ▼ 7.88% ▼ $0.26 ▼ $18.63M ▼
Q4-2025 $134.08M ▼ $36.298M ▲ $16.971M ▼ 12.657% ▼ $0.51 ▼ $28.818M ▼
Q3-2025 $134.353M ▲ $34.435M ▼ $18.539M ▲ 13.799% ▲ $0.55 ▲ $33.184M ▲
Q2-2025 $114.648M $35.709M $9.494M 8.281% $0.28 $21.34M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $29.748M ▼ $778.184M ▲ $262.954M ▲ $515.23M ▲
Q1-2026 $36.53M ▼ $765.342M ▲ $256.032M ▼ $509.31M ▲
Q4-2025 $39.537M ▲ $755.452M ▼ $260.137M ▼ $495.315M ▲
Q3-2025 $38.744M ▲ $763.391M ▲ $274.706M ▲ $488.685M ▼
Q2-2025 $37M $761.532M $271.245M $490.287M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $14.954M ▲ $7.425M ▼ $-3.052M ▼ $-6.841M ▲ $-3.238M ▼ $4.361M ▼
Q1-2026 $8.581M ▼ $10.742M ▼ $-2.352M ▲ $-12.64M ▲ $-2.701M ▼ $8.321M ▼
Q4-2025 $16.971M ▼ $32.058M ▲ $-3.651M ▲ $-28.597M ▼ $842K ▲ $28.987M ▲
Q3-2025 $18.539M ▲ $9.839M ▲ $-5.57M ▼ $-14.163M ▼ $-12.118M ▼ $8.446M ▲
Q2-2025 $9.494M $8.562M $-1.845M $-5.657M $2.057M $6.7M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
United States Segment
United States Segment
 $190.00M ▲$80.00M ▼$50.00M ▼$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Thermon’s income statement shows a business that has grown steadily and become meaningfully more profitable over the last several years. Revenue has increased each year, and profit margins have generally widened, suggesting better pricing power, improved mix, or cost control. Operating profit and cash-style earnings have both climbed, which points to a more efficient, higher-quality earnings profile rather than just one‑off gains. Net income and earnings per share have moved from roughly breakeven earlier in the period to solidly positive, indicating a company that has matured from recovery mode into consistent profitability. The main watchpoint is that this progress is now coming off a higher base, so sustaining the same pace of improvement may be harder going forward.

Balance Sheet

Balance Sheet The balance sheet looks reasonably healthy and gradually stronger. Total assets and shareholder equity have trended upward, which usually reflects retained profits being reinvested in the business. Debt levels have moved around but do not appear excessive relative to the size of the company, and there has been no sign of balance sheet stress in the trend. Cash balances are stable rather than large, so the company does not appear to be hoarding liquidity, but it also doesn’t look stretched. Overall, Thermon seems to have a solid capital structure with room to support growth, while still requiring ongoing discipline around leverage and liquidity management.

Cash Flow

Cash Flow Cash flow performance is a key positive. Cash generated from day‑to‑day operations has been consistently positive and has generally increased over time, in line with earnings growth. After funding a fairly modest but steady level of capital spending, the company has produced healthy free cash flow in each of the past years. This suggests profits are backed by cash, not accounting alone, and that Thermon can support investment, debt service, and potential strategic moves without relying heavily on external financing. The main sensitivity remains the cyclicality of its end markets, which could affect cash generation in downturns.

Competitive Edge

Competitive Edge Thermon occupies a focused niche in industrial process heating with several structural advantages. It offers a broad, integrated portfolio of equipment, controls, and software, acting as a one‑stop solution for complex heating needs. Its long operating history and global footprint support strong relationships with large industrial customers, who tend to be conservative and slow to switch suppliers. Engineering-intensive, customized solutions and lifecycle services make Thermon’s offerings deeply embedded in customer facilities, raising switching costs and reinforcing loyalty. At the same time, the company is working to diversify away from traditional oil and gas into power, renewables, data centers, and other sectors, which could reduce dependence on any single end market. Competitive risks come from larger diversified industrial firms and specialized rivals, as well as the inherently project‑driven, cyclical nature of its industries.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of Thermon’s strategy. Its Genesis Network platform and CompuTrace design software turn what might otherwise be commodity hardware into a digital, data‑rich solution with ongoing customer engagement. This software and controls layer enables monitoring, predictive maintenance, and energy optimization, which can deepen customer reliance and support higher-margin service revenue. The company is also investing in products tied to decarbonization and electrification—such as advanced electric heaters, methane reduction solutions, and systems for hydrogen, renewable fuels, and carbon capture—aiming to align with long‑term energy transition trends. Newer initiatives in medium‑voltage heating and acquisitions like Vapor Power extend its technology and market reach. The opportunity is to translate these innovations into durable growth and pricing power; the risk is execution—ensuring adoption, integration, and reliable performance at scale in demanding industrial settings.

Summary

Overall, Thermon Group appears to be a steadily improving industrial technology business. Over the last several years it has grown revenue, expanded margins, and converted a larger share of its sales into cash, while maintaining a sound balance sheet. Its competitive position benefits from specialization, engineering depth, sticky customer relationships, and an increasingly important digital and software component. Strategic focus on decarbonization, digitization, and diversification into new end markets offers meaningful growth avenues. Key uncertainties include exposure to cyclical capital spending, reliance on large industrial projects, and the need to successfully commercialize and scale newer technologies and acquisitions. Taken together, the company looks like an industrial niche player that has transitioned into a more mature, cash‑generative profile with a clear, innovation‑driven growth agenda.

NEWS

November 6, 2025 · 6:45 AM UTC

Thermon Reports Second Quarter Fiscal 2026 Results

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October 30, 2025 · 10:45 AM UTC

Thermon Schedules Second Quarter Fiscal 2026 Earnings Conference Call - November 6, 2025

Read more